Understand the tax implications of receiving Social Security benefits. If you’re receiving Social Security benefits, it’s essential to be aware that a portion of your benefits may be subject to federal income tax. Understanding the tax implications of your Social Security benefits can help you avoid surprises come tax time. Here’s what you need to…
Learn the difference between taxable and nontaxable income and how it affects your tax return. Understanding the difference between taxable and nontaxable income is essential for individuals and businesses alike. Knowing what income is subject to taxation can help you avoid potential tax problems and ensure that you’re in compliance with the IRS. Here’s what…
Explore tax breaks available to taxpayers who itemize their deductions. For individuals who itemize their deductions, taking advantage of every available tax break is essential to minimize their tax liability. If you’re in Greensboro, NC, Raleigh, NC, or the surrounding areas and you itemize your deductions, here are some strategies to help you maximize your…
As we approach the end of the year, it’s essential for individuals in Greensboro, NC, Raleigh, NC, and the surrounding areas to review their finances and consider year-end tax planning strategies. Taking proactive steps now can help you minimize your tax liability and maximize your savings when it comes time to file your tax return.…
Understand the rules for deducting business meals on your tax return. Good news for business owners in Greensboro, NC, Raleigh, NC, and the surrounding areas: The IRS has extended the full deductibility of business meals through 2024. This means that you can fully deduct the cost of business-related meals as long as certain requirements are…
Points to understand if you lost your job and was working the gig economy, your taxes don’t go away, freelancers must read this………… You’re probably eager to put 2020 behind you, but unfortunately, at least one aspect of this tumultuous year is going to linger into the next one. Tax season 2021 is primed to…